Q5.The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –
(1)Accounting
(2) Book – keeping
(3) None of these.
(4) Journalizing
Answer
Accounting
Related Questions on Introduction to Accounting
Q6.The person, firm or institution who does not pay the price in cash for the goods purchased or the services received is called-
(1) Proprietor
(2) Creditor
(3)None of these.
(4) Debtor
Answer
Debtor
Q7.The long term assets that have no physical existence but are rights that have value is known as
(1)Fixed assets
(2)Current assets
(3)Investments
(4)Intangible assets
Answer
Intangible assets
Q8.The debts which are to be repaid within a short period (year or less) are known as
(1)Fixed liabilities
(2)Current liabilities
(3)All of the above
(4)Contingent liabilities
Answer
Current liabilities